Hyperspectral Imaging System Market Overview
Hyperspectral imaging system market is growing pervasively, attributing to the growing industrial applications of hyperspectral imaging technology. The market has seen a number of launches of innovative and easy to use hyperspectral imaging systems over recent years, which has certainly helped in the growth of the market. Besides, increasing expenditures on scientific research and the aerospace industry is are escalating the market growth further.
Rising usages of these imaging systems in various applications such as food & agriculture, healthcare, defense, mining, and metrology industries are impacting the growth of the market hugely. Looking at the spurting increase in market revenues, in its recently published hyperspectral imaging system market analysis, the leading research firm – Market Research Future (MRFR) asserts that the market value had reached to valuation of USD 10,700 MN in 2018, which is further estimated to appreciate at 17.4% CAGR over the assessment period (2019 to 2025).
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Growing prevalence of cancer and increasing awareness about the innovative diagnostics methods that can offer benefits of early diagnosis are influencing the growth of the market. It is expected that the new cases of cancer detected in 2018-2019 would accelerate the demand for hyperspectral imaging systems during the study period significantly. Additionally, high R&D investments made in the development of efficient imaging solutions are estimated to foster the growth of the market throughout the review period.
On the other hand, high costs associated with hyperspectral imaging systems are projected to obstruct the growth of the market in the years to come. Also. data storage-related issues associated with hyperspectral imaging systems are likely to hamper the market growth. Nevertheless, increasing applications of hyperspectral imaging systems in life sciences research and the medical diagnostics sector would support the growth of the market throughout the predicted period, surging the market demand.
Hyperspectral Imaging System Market – Segments
The analysis has been segmented into three major dynamics.
By Product: Short-Wave Infrared (SWIR), Mid-Wave Infrared (MWIR), Long-Wave Infrared (LWIR), and Visible/Near-Infrared (VNIR).
By Application: Surveillance, Remote Sensing, Machine Vision/Optical, and Medical Diagnostics.
By Regions: Europe, Americas, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Hyperspectral Imaging System Market – Regional Analysis
North America is estimated to continue its dominance over the global hyperspectral imaging system market throughout the forecast period. The market is majorly driven by the presence of prominent market players and the well-established healthcare sector in the region. Besides, factors such as the rising healthcare spending and adoption of hyperspectral imaging systems for surveillance and medical diagnostics are spurring the hyperspectral imaging system industry in the region.
Moreover, technological advances alongside the high per capita healthcare expenditures drive the regional market growth. The US and Canada are the major markets for hyperspectral imaging systems, which contribute to the market growth in North America, significantly.
Europe stands second in the global hyperspectral imaging system market, mainly due to the increasing support from regulatory authorities to control cancer. The region shows a considerable amount of growth in the prevalence of cancer. Moreover, the rising defense budgets alongside augmenting demand for innovative & easy to use hyperspectral imaging systems in the medical sector has been increasing the size of the market.
Furthermore, increasing healthcare expenses, resurging economy in the region, and spreading awareness about the advantages of hyperspectral imaging system, impact the market growth in the region, positively.
The Asia Pacific hyperspectral imaging system market is emerging as a profitable market worldwide. This region is witnessing increasing numbers of mining activities, which alongside the growing biotechnology and agriculture sector drives the hyperspectral imaging system market size excellently. Besides, the penetration of hyperspectral imaging technology in the healthcare sector for medical imaging purposes fosters regional market growth.
Hyperspectral Imaging System Market – Competitive Analysis
Highly competitive, the hyperspectral imaging system market appears fragmented owing to the presence of several well-established players. These players try to gain a competitive market share through strategic initiatives such as mergers & acquisitions, expansion, product & technology launch, and collaboration. Huge investments are being transpired in the R&D to bring betterments in imaging processes and to develop devices that are on a different level entirely compared to their competition.
Hyperspectral Imaging System Market Major Players:
Players leading the global hyperspectral imaging system market include Headwall Photonics, Inc., Norsk Elektro Optikk as (NEO), Specim, Spectral Imaging Ltd., Resonon, Inc., Telops, Corning Incorporated, Applied Spectral Imaging, Bayspec, Inc., Chemimage Corporation, Surface Optics Corporation, Cubert GmbH, Raytheon, Hypermed Imaging, Inc., Galileo Group, Inc., IMEC, XIMEA GmbH, Inno-Spec, and Camlin Group Ltd., among others.
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Hyperspectral Imaging System Industry/Innovation/Related News:
January 29, 2020 —- Pleora Technologies Inc. (Canada) a leading technology company and perClass BV (the Netherlands), a technology leader, announced a technology partnership to simplify the deployment of machine learning hyperspectral imaging for inspection applications. Pleora specializes in video transmitters and receivers for the data streaming or download a video in real-time over standard Gigabit Ethernet networks.
perClass has been providing software for design & production deployment of machine learning and spectral imaging solutions. It is used in the most demanding applications. This strategic partnership would allow the companies to combine powerful automatic machine learning capabilities from perClass as a plug-in solution in Pleora AI Gateway delivering the vision industry’s most practical solution to train and deploy AI algorithms leveraging hyperspectral imaging for inspection applications.
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